Piyush Goyal at Bharat Innovates 2026: India invites global investors to build innovation at scale
Synopsis
At the close of Bharat Innovates 2026 in Nice, Commerce Minister Piyush Goyal did two things that rarely happen at the same summit: launched UPI at an iconic French department store and courted the 300-year-old French fragrance industry for India partnerships. It is a pointed signal that India's global pitch has moved well beyond IT and manufacturing into luxury, heritage, and digital infrastructure.
Key Takeaways
Commerce Minister Piyush Goyal addressed the closing ceremony of Bharat Innovates 2026 in Nice, France on 16 June 2026 .
Goyal invited global business leaders, CEOs, and investors to partner with India on innovation at scale, in a post on X .
UPI was launched at Galeries Lafayette, Nice Massena through Lyra Collect and NIPL , marking a major Western European retail deployment.
Goyal visited the Fragonard Factory in Grasse and congratulated Fragonard on its approaching centenary in 2026 and PRODAROM on 300 years in 2024.
The summit was held under the India-France Year of Innovation 2026 framework, backed by PM Modi and President Macron .
Commerce and Industry Minister Piyush Goyal on Tuesday, 16 June 2026, addressed the closing ceremony of 'Bharat Innovates 2026' in Nice, France, calling on global business leaders, chief executives, investors, and innovators to partner with India in building a sustainable future powered by innovation at scale. The three-day summit, held under the India-France Year of Innovation 2026 framework, was described by Goyal as a 'truly transformational platform' shaped by the shared vision of Prime Minister Narendra Modi and French President Emmanuel Macron.
Key Developments at Bharat Innovates 2026
Goyal expressed strong optimism about the outcomes of the summit, underscoring the immense potential of the India-France innovation partnership. He credited the 'inspiring leadership' of both heads of government for laying the groundwork for what has grown into a significant bilateral platform for technology, trade, and creative industry collaboration.
In a post on X, Goyal said he 'invited business leaders, CEOs, investors, and innovators to join hands with India in building a brighter and sustainable future powered by innovation at scale.' The call to action came at the close of a summit that brought together stakeholders from both nations across sectors ranging from digital infrastructure to luxury manufacturing.
India-France Fragrance and Luxury Sector Ties
On the sidelines of the summit, Goyal visited the iconic Fragonard Factory in Grasse — the historic heartland of the global fragrance industry — where he interacted with leaders from the Grasse Institute of Perfumery and the broader French fragrance sector. He extended congratulations to Fragonard as it approaches its centenary celebrations in 2026, and acknowledged PRODAROM's milestone of completing 300 years in 2024.
Goyal highlighted the opportunity to deepen India's collaboration in luxury manufacturing, design, and high-value trade. 'By combining France's expertise with India's rich heritage, deep traditional knowledge, and skilled workforce, we can unlock new avenues of innovation and position India as a leading force in the premium fragrance and luxury sectors,' he said.
UPI Goes Live at Galeries Lafayette, Nice
In a significant step for India's digital payments outreach, Goyal launched UPI at the iconic Galeries Lafayette in Nice Massena. The rollout was facilitated through the participation of Lyra Collect and NIPL (NPCI International Payments Limited). Goyal described the launch as 'another significant step in UPI's global expansion,' noting that it demonstrates India's ability to deliver 'trusted, seamless, and interoperable digital solutions at scale.'
This comes amid a broader push by India to internationalise UPI, which has already been deployed in several countries including Singapore, the UAE, and Bhutan. The Nice launch marks one of the most prominent retail deployments of UPI in Western Europe, adding a premium retail brand to its global footprint.
What This Means for India-France Ties
The Bharat Innovates 2026 summit and its accompanying business engagements signal a deliberate effort by India to move the bilateral relationship with France beyond defence and diplomacy into innovation, luxury trade, and digital infrastructure. The UPI launch at a flagship French retail destination, combined with outreach to the fragrance and luxury industry, reflects an emerging template: pairing India's technology strengths with Europe's heritage sectors to create high-value trade corridors.
With both governments having designated 2026 as the Year of Innovation, further institutional announcements and sectoral partnerships are expected in the months ahead.
Point of View
Placing India's digital infrastructure inside one of Europe's most recognisable luxury retail names. What is less clear is the transaction volume ambition behind it: a single store in Nice is symbolic, not structural. The harder test for UPI's European expansion will be regulatory interoperability across the EU payments framework, not a ribbon-cutting. Meanwhile, Goyal's fragrance-industry outreach in Grasse is an underreported pivot — positioning India's traditional knowledge and skilled artisans as inputs into high-margin European luxury supply chains. If executed, that is a more durable trade play than headline FDI numbers.
NationPress
5 Aug 2026
Frequently Asked Questions
What is Bharat Innovates 2026?
Bharat Innovates 2026 is a three-day bilateral innovation summit held in Nice, France, under the India-France Year of Innovation 2026 framework jointly championed by Prime Minister Narendra Modi and French President Emmanuel Macron. It brought together business leaders, investors, and innovators from both countries to explore partnerships in technology, trade, and creative industries.
Where was UPI launched in France and who facilitated it?
UPI was launched at Galeries Lafayette in Nice Massena, one of France's premier retail destinations. The rollout was facilitated through Lyra Collect and NPCI International Payments Limited (NIPL), marking a significant Western European retail deployment of India's digital payments platform.
What did Piyush Goyal discuss with the French fragrance industry?
Goyal visited the Fragonard Factory in Grasse and met leaders from the Grasse Institute of Perfumery. He discussed opportunities to deepen India-France collaboration in luxury manufacturing, design, and high-value trade, and proposed combining France's fragrance expertise with India's traditional knowledge and skilled workforce.
What milestones did Goyal acknowledge during his Grasse visit?
Goyal congratulated Fragonard on its approaching centenary celebrations in 2026 and acknowledged PRODAROM's milestone of completing 300 years in 2024, both highlighting the depth of France's fragrance heritage.
What is the significance of the India-France Year of Innovation 2026?
The India-France Year of Innovation 2026 is a bilateral framework endorsed by PM Modi and President Macron to deepen cooperation in technology, innovation, and trade. Bharat Innovates 2026 is its flagship event, and the UPI launch and fragrance-sector outreach in Nice are among its tangible early outcomes.
